Ghana Gas Company is in the final stages of acquiring Ghana Cylinder Manufacturing Company Limited.
In April 2023, President Nana Addo Dankwa Akufo-Addo approved the acquisition of the cylinder manufacturer, which has been struggling to operate for years.
The company incurred a GH4 million loss in 2021.
According to the Auditor General’s estimation, the current financial position of the Ghana Cylinder Manufacturing Company makes it incapable of meeting its short-term obligations.
Genevieve Sackey, Managing Director of the Ghana Cylinder Manufacturing Company Limited, disclosed the imminent acquisition at a Public Accounts Committee (PAC) sitting in Accra on Tuesday.
“We are in the process of an acquisition. At the moment, we are in the final stages. The document is with the Ministry of Finance to be forwarded to the cabinet. So we are hoping that by the end of the first quarter, it would be acquired by Ghana Gas,” she stated.
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The post Ghana Gas to acquire Cylinder Manufacturing Company by end of first quarter appeared first on Citinewsroom - Comprehensive News in Ghana.
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